Gifts givien
This query is : Resolved
13 October 2012
respected members,
please answer this query.
Mr a has given 600000 to his wife and 50000 to his son as gift.
1. what are the tax implications?
Acc. to me it is exempted(650000)
2 During the scrutiny proceeding the ITO ask me to show some legal document which is registered and on that 1 or 2 % of the gift amount is payable?
What is this document and where it should be registered.
Please tell me
please answer this query.
Mr a has given 600000 to his wife and 50000 to his son as gift.
1. what are the tax implications?
Acc. to me it is exempted(650000)
2 During the scrutiny proceeding the ITO ask me to show some legal document which is registered and on that 1 or 2 % of the gift amount is payable?
What is this document and where it should be registered.
Please tell me
14 October 2012
Since Wife and Son fall in the definition of Relative therefore the Gifts even though in excess of Rs.50000/- are not taxable u/s 56(2)
Message likes :
1 times
15 October 2012
Gift deed shall be made and registered.
Message likes :
1 times
15 October 2012
Gift deed is mandatory but registration is optional
Message likes :
1 times
16 October 2012
thankyou for the answer,
But were it should be registered and what is it written in any section or law about the same, as i have not found that.
please reply at the earliest.
But were it should be registered and what is it written in any section or law about the same, as i have not found that.
please reply at the earliest.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- Regarding ITR filing with more value than showing in AIS/TIS
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
